January 9, 2017
Adults become more health conscious and parents are increasingly concerned about the health of children, fueling the growth of functional products.
Technavio research analysts are forecasting that the global functional foods and beverages market will grow at a CAGR of close to 8% from 2017-2021.
The Technavio report segments the market into two broad categories consisting of functional foods and functional beverages. These foods and beverages are formulated with special ingredients to provide improved health.
“The growing demand for functional foods coupled with the introduction of innovative products and ingredients is driving the market,” said Manjunath Reddy, a lead analyst at Technavio for non-alcoholic beverages research. “Other factors that will fuel market growth include an increase in the demand for functional foods from older people, increase in the number of health-conscious adults and increased concern about the health of children.”
Technavio food and beverage analysts highlight the following three drivers that are contributing to the growth of the global functional foods and beverages market:
Health benefits associated with functional foods and beverages
Emergence of non-traditional fitness activities